Why financial advisors should send professional invoices
As a financial advisor, you bring your experience, skill, and financial know-how to every client’s investment portfolio and financial goals.
You need an invoice that is flexible enough to capture all the services you provide, whether it be investment advice, financial planning, or insurance products – while ensuring your charges are completely transparent in accordance with federal and state laws, as well as your professional organization.
That means you need professional, well-organized invoices that include all the pertinent details, while still being easy-to-understand. A well-designed invoice also reflects on your image and expertise, and helps create confidence and trust in your skills as a financial advisor.
- Browse through our wide selection of specially designed financial advisor invoice templates in different styles and colors, and pick the one you like in the format you use – Word, Excel, PDF, Google Docs, or Google Sheets
- Download the invoice template. It’s easy to do and it’s free!
- Insert your financial advisor business name and contact information. If you provide specialized services, like estate planning – mention it here where people will notice
- Insert your financial advisor business logo – along with your website, and your professional designations
- Add in your client’s name and contact information
- Generate a unique invoice number and add it to the template
- Include the date of the invoice, along with the payment due date
- List the financial services you provided, with descriptions and fees. If you are charging for investment services, clearly explain if you are taking funds directly from your client’s investment account, and include any formulas you use to calculate fees
- The invoice format is easily customized to include all the details for each client
- If you are including a discount for your services, add a line explaining the discount so your client knows they’ve received a special rate
- Calculate your total fees, including applicable tax, and enter the total
- Include your payment terms, such as your accepted methods of payment
- Add a personal note at the end to thank your client for their continued business and for entrusting their financial affairs to you
- Save the invoice, and send it off to your client!
When is the right time to send an invoice as a financial advisor?
The right time to send an invoice depends on the financial services you provide. If you are competing a tax return or some other once a year service, most financial advisors invoice directly after completion.
If you provide year-round services, such as managing an investment account, you will want to invoice monthly, or at another appropriate time period, to keep the revenue flowing in.
Whatever payment cadence you choose, make sure it’s clearly noted on each invoice, and clarify what portion of the final ‘cost’ has been paid to date.
Handy invoicing tips for financial advisors
Include professional recommendations
Include a few lines to describe any future financial services you think would be beneficial to your client. It shows them you are thinking about their best interests and are providing them with your expert knowledge. You can also include links to articles and blogs on financial topics that might interest them.
Accept a variety of payment methods
Most financial transactions are electronic, so why not embrace the latest payment technologies to make it easy and convenient for your clients to pay you. If you don’t already, add e-Transfers, debit cards, and online payment to the methods you accept for payment.
Always include a ‘payment due’ date
This really does encourage on-time payment. It’s a clear indication of when you expect payment without sounding too aggressive.
Keep a record of your work with numbered invoices
Numbered invoices help you keep track of how much money is coming in, and shows clients you have an organized system in place. You can also assign a client code if you provide year-round financial services for a client.